what is short selling? regulation – historical, current, proposed how does shorting affect the...
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What is short selling?
Regulation – Historical, Current, Proposed
How does shorting affect the economy?
![Page 3: What is short selling? Regulation – Historical, Current, Proposed How does shorting affect the economy?](https://reader036.vdocument.in/reader036/viewer/2022062516/56649e5e5503460f94b57176/html5/thumbnails/3.jpg)
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Covered short
Naked short
Option short
Derivative methods of short
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Hedge Funds
Pension Funds and Insurance Companies
Market Makers
Investment Banks
Individuals
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Hedge
Speculate
Diversify
Market Manipulation
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What is short selling?
Regulation – Historical, Current, Proposed
How does shorting affect the economy?
![Page 8: What is short selling? Regulation – Historical, Current, Proposed How does shorting affect the economy?](https://reader036.vdocument.in/reader036/viewer/2022062516/56649e5e5503460f94b57176/html5/thumbnails/8.jpg)
Securities Act of 1933 – Rule 144, 144A
Securities Exchange Act of 1934 – Rule 10a-1 “Tick Test”
Regulation M
Regulation T
Regulation SHO
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Great Britain – disclosure requirements
Hong Kong – eligibility requirements
Canada, Japan, HK – price restrictions
Aus, CA, Japan, HK – flagging
Japan – margin requirements
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SEC › Uptick› Circuit breakers
CESR› Pan-European Short Sell Disclosure Regime
IOSCO› 4 principles› Decrease regulatory arbitrage› Increase transparency
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What is short selling?
Regulation – Historical, Current, Proposed
How does shorting affect the economy?
![Page 12: What is short selling? Regulation – Historical, Current, Proposed How does shorting affect the economy?](https://reader036.vdocument.in/reader036/viewer/2022062516/56649e5e5503460f94b57176/html5/thumbnails/12.jpg)
Media perspective
“Joe 6 Pack” perspective
CEO perspective
Analyst / economist perspective
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Market Abuse and Manipulation
Price Reversals
Aggressive Short Selling
Investor Confidence
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Naked Shorts Outstanding Shorts Stock Sales Volume Shorts Overall ? Media Attention Investor Confidence Counterparty Confidence